and secretary panetta has pointed out that sequestration's ills will not be limited to defense. in a speech last week, he said -- quote -- "it's not just defense, it's education, loss of teachers. it's childcare. it's about health care. 700,000 women and children will no longer receive nutritional assistance. it's about food safety, he said, it's about law enforcement, it's about airport safety. so today we're introducing the cut loopholes act to protect those and other important priorities. over the last 50 years, federal revenues have averaged approximately 18% of g.d.p. over that time, our budget has been balanced only a handful of years. each of those years it had a balanced budget, revenues exceeded 19.5% of g.d.p., but in recent years, revenues have fallen off to about 15% of g.d.p. one significant factor in our revenue shortfall is a massive plunge in the share of the tax burden borne by corporations. 0 corporate tax revenue amounted to as much as 7% of g.d.p. in the 1950's, under 2.% of g.d.p. just seven years ago, and in 2012, it amounted to just 1.2% of g.d.p. corporat